Essar Group

In 1969, Shashi Ruia won a major contract worth Rs. 2.3 crore for the construction of an outer breakwater for Chennai Port, thus laying the foundation of Essar Group.[4]

In 1976, Essar purchased India's first private tanker for US$2 million.[5]

In 1991, Essar became India's first Independent Power Producer (IPP) and started a 515 MW cycle power plant at Hazira.[6] It later built and operated national power plants in Madhya Pradesh, Gujarat, Odisha, and internationally in Ontario, Canada.[7]

In 1995, Essar Group entered the telecom sector with a Swiss PTT joint venture partnership branded as the Essar Cellphone.[8] In the same year, Essar Group started GSM operations from Delhi.[9] Essar, independently and in partnership with Hutchison (Hutchison Essar), subsequently acquired more telecom circles in India. By 2006, all the circles were under Hutchison Essar Limited.[10]

In 2007, Essar owned The MobileStore, an Indian chain of telecom and mobile phone retail stores.[11][12]

In 2017, Essar Steel India Ltd. (ESIL) was on the defaulter's list disclosed by the Reserve Bank of India.[13] Essar Oil was acquired by a consortium led by Rosneft, Trafigura, and UCP Investment Group for $12.9 billion, and Essar Oil was rebranded as Nayara Energy.[14]

In 2019, EOGEPL received environment clearance for exploring shale gas reserves in Raniganj block, West Bengal.[15]

In November 2019, ArcelorMittal won approval from the Supreme Court to takeover Essar Steel and pay the creditors with equal rights.[16]

In March 2020, Essar Group was successful in cutting down the residual debt by 70% to about Rs. 12,000 crore.[17]

Essar has established Vertex Hydrogen under the UK's HyNet project with Progressive Energy in December 2021 to help drive energy transition in the UK.[18]

In September 2022, Essar Oil UK completed an offtake agreement with Vertex Hydrogen to facilitate hydrogen supply of 280 MW to decarbonize its plants.[19]

The Essar Group comprises a range of companies in core economy sectors.

In 2003, Essar Group acquired Aegis Communication and spread across 13 countries.[20] In 2014, Essar did a part sale of Aegis USA Inc. with annual revenues of $400 million to Teleperformance,[21] and in 2017, Essar left the outsourcing business by selling Aegis’ operations to Capital Square Partners (CSP).[22]

Essar Steel acquired HGPL and SCGL from Stemcor in 2005 and became an integrated steel producer.[23]

In 2007, Essar Global acquired a US-based steel company named Minnesota Steel LLC.[24]

In 2011, Essar Energy purchased Stanlow Refinery in North West England for $350 million.[25] Under Essar's leadership, the first phase of the turnaround of Stanlow refinery has been started during the financial year 2015–16 with $187 million net profit.[26] Essar plans a £250 million expansion of Stanlow refinery, with over 16% production of transport fuels in the UK.[27]

AGC Networks, a wholly-owned subsidiary of Essar Group, acquired Black Box Corporation in 2019.[28]

During COVID-19 pandemic, Essar Foundation opened Covid Care Centre at Devbhumi Dwarka, Gujarat,[29] organized vaccination drives,[30] and provided meals to needy people.[31]

In 1997, the company started Essar Foundation for philanthropic initiatives. The foundation is committed to social activities in collaboration with government and community institutions in the areas of education, health, environment, women's empowerment, infrastructure, livelihoods & entrepreneurship.[32][33]

• Conglomerate companies of India
• Shipping Corporation of India
• Shashi and Ravi Ruia

• Official website